Deputy Attorney General Todd Blanche issued a memo ending a regulation-by-enforcement approach to the crypto industry. Acting Assistant Attorney General Matthew Galeotti emphasized even-handed enforcement in the digital asset space at an American Innovation Project event. The Department will not use federal criminal statutes or indictments to create a regulatory regime for digital assets and will avoid leaving innovators unsure about criminal exposure. Writing code or innovating methods to store and transmit value without ill intent is not a crime. Neutral-tool developers without criminal intent should not be held responsible for third-party misuse; third parties who misuse tools should be prosecuted.
The Department will not use federal criminal statutes to fashion a new regulatory regime over the digital asset industry. The department will not use indictments as a lawmaking tool. The Department cannot leave innovators guessing as to what could lead to criminal prosecution.
Our view is that merely writing code without ill intent is not a crime. Innovating new ways for the economy to store and transmit value and create wealth without ill intent is not a crime.
Generally, developers of neutral tools, with no criminal intent, should not be held responsible for someone else's misuse of those tools. If a third-party's misuse violates criminal law, that third-party should be prosecuted - not the well-intentioned developer.
For too long, crypto and open source developers in the US have been living under a cloud of doubt. That uncertainty ends today
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